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New Charleston apartments in Cainhoy Plantation fetch nearly $52M

A newly built apartment complex in a developing plantation community of southern Berkeley County recently fetched more than $51 million.

Three affiliates of VTT Management of Massachusetts bought the 274-unit Paxton Point Hope Apartments on Sawyer Circle off Clements Ferry Road in mid-July from EFC Point Hope LLC, an affiliate of EFC Capital of Del Mar, Calif., for $51.1 million.

They include Three River Investments, Moss Creek Sixteen and Colony Square Sixteen. Spectrum Companies of Charlotte was the apartment developer.

Affiliates of VTT Management recently sold the 207-unit 1800 Ashley West apartments in West Ashley for $22 million and the 76-unit Colony Square apartments in Hanahan for $6.25 million.

The Cainhoy apartments sit on 22 acres behind the new Point Hope Commons Shopping Center that will be anchored by Publix supermarket when the grocery store opens Wednesday.

More multifamily

In West Ashley, a 348-unit apartment development is being proposed in four buildings near West Ashley High School.

The 13-acre project sits at the juncture of Glenn McConnell Parkway and William E. Murray Boulevard. The property owner is Whitfield Construction Co. of North Charleston, according to Charleston County land records.

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A project application to the city shows the owner as High Real Estate Group LLC of Lancaster, Pa., which recently sold Plantation Oaks Apartments on Ashley River Road in West Ashley.

Another housing development is in the works at 2235 Ashley River Road beside Plantation Oaks Apartments. The 57-unit affordable housing community is being proposed by a firm called Bulls Creek SC LLC. The property owner is AshRiv LLC of West Ashley.

Also in the works is an addition to French cookware maker Le Creuset's American headquarters at 166 Ripley Point in West Ashley.

The city's Design Review Board will consider the projects Aug. 5.


Mount Pleasant-based Ziff Properties Inc. recently sold one of its shopping center holdings in Virginia.

The real estate investment firm sold the fully occupied Shops at Salem Fields, a 44,900-square-foot shopping center in Fredericksburg between Washington, D.C., and Richmond, Va., for $4.4 million. Cyprians Realty Corp. of New York is the new owner. 

“This was a strategic sale toward our goal of changing the complexion of our retail portfolio,” said Christian Chamblee, Ziff's director of acquisitions and chief operating officer.

Reach Warren L. Wise at 843-937-5524. Follow him on Twitter @warrenlancewise.

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